National Republican., 1887-10-12
II VIII Favor Contraction.

The usually well Informed Washington
correspondent Of the New York CONNER
cial Bulletin says;
The forthcoming treasury report Will be
characterized by much less OF the theoretical
and remote, and by nuru more Of the practical
and direct discussion OF those changes OF legis-
lation for which the necessity is so imperative,
and the demand for which the fiftieth Congress
cannot afford to ignore. While the silver
question likely to occupy less prominent
place in the forthcoming documents, the att.
tude Of the administration Is as pronounc ID as
when the famous silvef letter was written. and
Secretary Fairchild is as earnest nm opponent
of compulsory silver coinagc as was his pre-.
decessor, while he has the additional argu-
ments taught by another years accumulatijus
end the attendant dangers. In urging exton
sive revision of the tariff. reductions of duties
on all articles OF necessity, and extensions Of
the free list, Mr.. Fairchilds utterances will be
as forcible as language can be made.
Nothing else was to be expected. The
policy Of the administration Is contraction,
and both the President and his Secretary Of
the Treasury are pronounced monometl
lists. What additional arguments" agans
the coinage Of silver the years experience
has given Mr.. Secretary Fairchild will
not be known until his message is printed
except that he has had to build additional
storage room.
The arguments In favor OF the purchase
and coinage TO the full extent the law au
thorizes are furnished by Secretary Fair.
child himself In his official reports.
On the 1st Of July, 1886 there was 10
circulation $9l, ,225, ,4B7 worth Of silver Ger
tihcates, there being a silver dollar In tn.
treasury vaults for every dollar called 70
by the certificates. On the 1st Of July
1857, there was in circulation $li2, lis, ,O57
worth Of silver certificates, an expansion
the currency Of 50S92 500, which, OF
course, interfered with the policy OF con-
traction.
The silver certificate circulation increased
CO per cent. in one year, thus disprovin
one Of the arguments Of the monometallstS.
which was that no one would take this ode
preciated coin"
The other argument Of the monometal-
lsts was that 'gold would disappear from
the country and silver would be dumped
on uslirom every part Of the world" The
official figures which came from Secretary
Fairchild's department are the best answer
to this argument. Here they are:
Value Of gold coin and bullion inn
DOrtCd lSSb,.."..,......." .....u..,,SIO, Ilj,3lV
Value of gold coin and bullion i'm.
ported 1887 AZ, 900, COL
Increase. .......... q, ,l67, ,252
ported, 1856. .....,...,............... 17s5Oa)7
ported, 1857 1880 l9l
Decrease Observation-Disclosures. 500, 9J7
This d oes not look like we were losing all
the gold of the country and getting all the
silver OF India and China, as the mono
metalists prophesied.
But these figures only give part Of the
case. The question would naturally be
asked, "How did the exports in these years
stands" Here arc the figures OF imports
and exports
| Gold imports lSs6...n""....,........ S2l7il3 3i9
| Gold exports, 1SS6............,..... 1896 0j6
Excess of exports over imports. l2011,Gl7
Gold imports, lSS7........,........... i2.9lO,6)l
| Gold exports, lSSI.,.......o.......m. 5,70j,3Jl
Excess of Imports over exports ..... 37,2)5 207
Silver imports, 1886 1850 0SJ7
| Silver exports, loo6"................ 1915, ,0)l
Excess of exports over impOrts. l,SO7,7ii
Silver imports, observation-disclosures. 1926, ,l0l
Silver exports, lSs7................. l7,OO5,OSi